ANNOUNCEMENT 01 Dec 2008

In December 2008, the government of Nigeria announced the devaluation of its national currency.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



Daily Independent. (16 December 2008). Naira Devaluation Deliberate, Says Soludo. Available at http://allafrica.com/stories/200812170030.html

Daily Trust. (11 January 2009). Naira Depreciation Takes Toll an Economy. Available at http://allafrica.com/stories/200901120645.html

Les Afriques. (23 February 2009). Central Bank of Nigeria Intervenes to Stabilize Naira. Available at http://www.lesafriques.com/en/nigeria/central-bank-of-nigeria-intervenes-to-stabilize-naira.html?Itemid=35?article=0224

Central Bank of Nigeria, "Briefing by the CBN Governor to the Senate on Exchange Rate", delivered at Briefing by the CBN Governor to the Senate held on 16 December 2008 at National Assembly: http://www.cenbank.org/OUT/SPEECHES/2008/GOVADD16-12-08.PDF


Inception date: 01 Dec 2008 | Removal date: open ended
Still in force

Competitive devaluation

According to numerous and consistent press reports, the Central Bank of Nigeria has deliberately devalued the local currency at the end of 2008. Professor Chukwuma Soluda, Governor of the Central Bank, said the move was designed to stop the decline in fiscal revenues as a result offalling oil prices.

AFFECTED PRODUCTS

 
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